MS Leader: Dotting Is and crossing Ts

Our last cover feature looked at what gets brokers’ blood boiling when it comes to the service lenders offer. This week, we turn the tables and ask lenders what brokers do that makes them see red. Unsurprisingly, lenders were less eager to spill the beans.

Nevertheless, it is interesting to see things from a lender’s perspective – overwhelmingly, the main area of complaint seems to be around documentation and ensuring the correct papers and forms have been submitted. No doubt this process will become easier as more lenders accept electronically uploaded documents rather than relying on the post. But lenders also complain that brokers are failing to get in contact with them when they have a problem, even when contact details are made available.

Barclays announced last week that it was providing access to a specific underwriter for each mortgage application brokers submit. From today brokers will be called by a Barclays underwriter after cases have been submitted to discuss them. Measures like this will hopefully ensure brokers and lenders can work better together.

Meanwhile, it is obvious from conversations with senior figures in the industry that there are still concerns that some brokers are taking risks with their reputations when submitting applications, especially where they are sourcing mortgages for people they’ve never met-face-to face.

Bogus documentation that was rife at the height of the boom continues to be used by fraudsters and much of it would fool 99% of brokers. So if you’ve failed to do sufficient checks on the identity of your clients you are vulnerable and horror stories of brokers discovering clients were using details of the deceased are legion. Make sure you don’t get caught out.

HSBC’s pledge to lend at least £15bn in mortgages in 2012 has been welcomed as a sign that the market will be more buoyant this year than last. The bank says that this would give it its highest ever market share of 11.3% based on the Council of Mortgage Lenders’ gross mortgage lending forecast of […]

NatWest Intermediary Solutions will be reducing the rates on a number of its fixed rate mortgages tomorrow, including its 90% LTV products, in both its core and corporate ranges. It is also reducing the rates on its 60% LTV buy-to-let mortgages.

As part of its commitment to help even more companies improve employee wellness and productivity, award-winning health cash plan and wellbeing provider Health Shield has announced a raft of new and improved health benefits. From early diagnostics, detection and screening services to rehabilitation and the extension of home care support to parents, Health Shield’s range […]